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(NOTE: This issue has been submitted to Technical Support)
Client has a Schedule C with over $100K of net income and QBI. NO wages in the Schedule C.
Overall, the client has about $700K of taxable income, but no other QBI related income. Thus due to no wages, the client should get 2.5% of UBIA.
Client has only ONE asset. A vehicle, used greater than 50%, and utilizing the actual expense method, so taxpayer is getting some depreciation. The UBIA of this one asset is being calculated properly AND has a worksheet indicating that the asset does qualify as an asset for UBIA.
The problem is that the QBI calculation does NOT include this in calculating the deduction. After analyzing, we determined that if there were NO "actual expenses" input (in the depreciation input area - ie for gas, repairs, etc) then the program does pick up the qualified asset for the calculation. But put in $1 dollar for any expense, the program does NOT included UBIA for the calculation, even thought it still indicates that the asset IS a qualified asset for UBIA!
We believe there is a programming error, but please let us know either way. We are also happy to provide the client copy to Lacerte for their review.
Best Answer Click here
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This is NOT Intuit/Lacerte support. You will need to contact them directly to report the possible defect.
This is a peer-to-peer forum of fellow users of the software.
I believe Ctrl L starts a report directly to Lacerte concerning a perceived programming error.
I haven't seen this one reported yet, and haven't run across the scenario you describe on a client (yet).
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Especially since no one noticed, especially the mods.
I don't want to jeopardize my standing and that FREE software they give me
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Slava Ukraini!
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Still an AllStar
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Slava Ukraini!
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Slava Ukraini!
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Jon...sorry to have hijacked your serious post. I see you edited, and have reported the problem to the PTB. Thanks!
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Keep us posted on the outcome, 'kay?
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